Tag Archives: California

Despite seeing a decline in average gross ROI and average gross profit on flipped homes, California still ranked fourth among the 50 states and District of Columbia in flipped homes as a percentage of total sales in Q2, according to RealtyTrac.

A California man was convicted on several counts of fraud relating to a mortgage scam earlier in the week, Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Christy Romero announced earlier this week.

In their latest economic projections from June, the members of the Federal Open Market Committee (FOMC) projected a median federal funds rate of 1 percent at year-end 2015 and 2.5 percent at the end of 2016. Based on their own modeling, the analysts say investors put the probability of the federal funds rate hitting the FOMC's target next year at 31 percent, with 2016's projected rate having a 27 percent probability.

One of 17 defendants in a "foreclosure rescue" fraud case received a 35-year prison sentence for his role in the scam, according to a statement from Benjamin B. Wagner, U.S. attorney for the Eastern District of California.

Single family home and condominium sales in California experienced a month-over-month increase of 3.9 percent for July but saw a 9.2 percent decline year-over-year, according to PropertyRadar's July 2014 Real Property Report for California. Sales for single family homes and condos for the first seven months of 2014 year-to-date are at their lowest levels since 2008, the report stated.

The housing market in San Jose, California, has been cooling over time and prices have recently flattened. The trends imply a weakening market, according to Kristen Evans, an analyst for Altos Research LLC. “Despite the consistent decrease in the Market Action Index (MAI), we're in a ‘Seller's Market’ where significant demand leaves little inventory available.”

GFS Capital Holdings, formerly Greenlight Financial Services, settled a claim with HUD regarding discrimination of women on maternity leave. The company agreed to pay a total of $48,000 to individuals against which it allegedly discriminated. HUD investigated Greenlight after a family complained the company denied their refinance loan application because the wife was on maternity leave at the time.